Cedi performs worst among Africa’s top currencies; depreciates 7.6% to dollar
The Ghana cedi is now the worst-performing currency among Africa’s top currencies just two months into 2022. This is because it has depreciated by about 7.6% to the dollar from January 1, to February 25, 2022. The local currency has overtaken the Zambian kwacha, which was the worst-performing currency on the continent two weeks ago. Both Ghana and Zambia have challenges in addressing their escalating debts as well as struggling with revenue mobilization and expenditure management. This puzzle is impacting negatively on the country’s exchange rate, interest rate and inflation. The recent downgrade of the country’s ability to borrow is also a major worry as investors are still unsure about the outlook of the Ghanaian economy. This affirms some economists and analysts’ assertion that all concerns regarding the Electronic Transaction Levy must be addressed and passed immediately by Parliament. But there could be some hope going forward as the World Bank Group has approved a five-year Count